The announcement puts an end to what had become one of the most protracted transfer sagas of the summer.

Pending a medical, likely to be conducted on Monday afternoon, Modric will become the newest member of the Spanish giants.

In an interesting addendum to the move, Tottenham chairman Daniel Levy and Madrid president Florentino Perez revealed that a new "relationship" has been struck between the sides. This will see the "two Clubs working together in respect of players, coaching, best practices and commercial relationships."

Said Perez, "The strong relationship and affinity between our two clubs has resulted in the cementing of a longer-term partnership and the successful transfer of Luka Modric. We are delighted to welcome Luka and look forward to working closely with Tottenham in the coming years."

Levy echoed the sentiment, expressing regret that Modric could not continue as a Spurs player, but wishing his former midfielder all the best. He said that if Modric were to be sold, he was "pleased that it was to Real Madrid," and added that he hopes the partnership will be both long and productive.

Modric had yet to feature for Tottenham this season. He notably skipped the club's July preseason tour of America, though he had expressed regret (via Goal.com) for that course of action.

He had made 160 appearances for the club since joining from Dinamo Zagreb in summer 2008. He scored 17 goals and provided 26 assists during his time at White Hart Lane.